Electronic conveyancing – faster and more secure land transfer registration

As with most other things in life, buying and selling property has been moving quickly towards being a digital process.

So, now that you've found your dream property (or your dream buyer, if you're selling) you'll be pleased to hear that the conveyancing aspect of the sale has undergone a quiet revolution.

Over the past three years there's been a steady shift from paper based-registrations to electronic land transfers on the PEXA platform.

From the conveyancer's point of view, electronic conveyancing offers greater control over the process, meaning the settlement is much less likely to be delayed. It allows funds to be cleared and disbursed faster, resulting in efficiencies all round.

Buyers and sellers can download an app and watch the whole process from the comfort of their smartphones, when traditionally they've known the transfer has happened only right at the end.

From 1 December 2017, all eligible mortgages, discharges of mortgages and refinances must be lodged electronically.

From 1 May 2018, all eligible discharges, transfers, mortgages, caveats and withdrawal of caveats must be lodged electronically. In flight transactions will not be affected by this date.

The benefits of electronic conveyancing are immediate, so have the conversation with your settlement agent today.

For more information, visit Landgate's website.